Part 11

Relief for particular employee share acquisition schemes
Chapter 1

Share incentive plans

Deductions relating to payments used to acquire shares

Plan termination notice
993
1
This section applies if—
a
a deduction has been made under section 989,
b
the deduction has not been withdrawn under section 990,
c
the paying company issues a plan termination notice under paragraph 89 of Schedule 2 to ITEPA 2003 in relation to the plan, and
d
not all the acquired shares have been awarded under the plan before the issue of that notice.
2
The paying company is treated as receiving an amount equal to the relevant proportion of the deduction.
3
The relevant proportion is the proportion that the number of the acquired shares not awarded bears to the total number of the acquired shares.
4
The amount is treated as received when the paying company issues the plan termination notice.
Pt. 11 applied by 2010 c. 8, s. 425(1) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))